Exercise 19-13 cullumber corp. has a deferred tax asset account with a balance of $154,880 at the end of 2016 due to a single cumulative temporary difference of $387,200. at the end of 2017, this same temporary difference has increased to a cumulative amount of $481,800. taxable income for 2017 is $877,900. the tax rate is 40% for all years. at the end of 2016, cullumber corp. had a valuation account related to its deferred tax asset of $41,700. (a) record income tax expense, deferred income taxes, and income taxes payable for 2017, assuming that it is more likely than not that the deferred tax asset will be

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan